1796 Draped Bust Dime (Small Eagle): America's First Dime

In 1796, the United States Mint in Philadelphia struck dimes for the first time in American history. The Coinage Act of 1792 had authorized a ten-cent denomination, but actual production did not begin until 1796. The result was a small silver coin with a dignified bust of Liberty on the obverse and a small heraldic eagle on the reverse, struck in quantities that almost guarantee extreme rarity for any collector trying to find them today.

The 1796 Draped Bust Dime with Small Eagle reverse is not just a scarce early American coin. It is the prototype of a denomination that has been produced continuously ever since, the first of every dime in your pocket or coin jar.

The Design and Its Origins

Obverse - Draped Bust Liberty: The portrait of Liberty on the 1796 dime is based on a sketch by Gilbert Stuart (the artist who painted the famous unfinished portrait of George Washington) and was used on several denominations starting in 1795. Liberty faces right, with flowing hair and a drapery across the bust. Thirteen stars appear around the portrait, with the date below.

Reverse - Small Eagle: The small eagle on the 1796 dime is a naturalistic bird perched on a wreath of clouds, wings spread but not aggressively heraldic. This design was replaced in 1798 by the heraldic eagle, making all 1796 examples the only dimes with the small eagle reverse.

The combination of Draped Bust Liberty and Small Eagle reverse was used only in 1796 and briefly in 1797 (for the 1797 Draped Bust Dimes, which have slightly different characteristics).

Mintage and Survival

The 1796 Draped Bust Dime had a mintage of 22,135 coins. This was extremely small even by early American Mint standards, reflecting the limited operating capacity and production infrastructure of the young Philadelphia Mint.

Of those 22,135 coins, the number that survive today is estimated at several hundred at most. Many circulated until worn to illegibility. Others were lost, melted, or destroyed in the century and a half before systematic coin collecting gained a serious American following.

Currently known examples are documented in PCGS and NGC population reports, though new examples surface occasionally. The PCGS and NGC populations together likely represent a significant fraction of all surviving examples.

Die Varieties

The 1796 dime was struck from multiple obverse and reverse die combinations. Numismatists use the Variety Coin Register (JR numbers for early dimes, developed by researcher John Reich) to categorize specific die marriages.

For the 1796 dime, four die marriages (JR-1 through JR-4 in the original sequence) are generally recognized, though attribution is complex and some varieties are known from only a few examples.

Variety attribution adds depth for advanced collectors. A specific variety with documented rarity can command premiums over unattributed or common variety examples.

Specifications

Condition Grades and Values

| Grade | Description | Approximate Market Value | |---|---| | MS-65 | Gem Uncirculated; extremely rare | $400,000 - $800,000+ | | MS-63 | Select Uncirculated | $80,000 - $180,000 | | AU-58 | About Uncirculated, slight friction | $30,000 - $60,000 | | EF-45 | Extremely Fine | $15,000 - $30,000 | | VF-30 | Very Fine | $8,000 - $18,000 | | F-12 | Fine | $5,000 - $10,000 | | VG-8 | Very Good | $3,500 - $7,000 | | Good-4 | Good; clear but worn | $2,500 - $5,500 | | AG-3 | About Good; heavily worn | $1,800 - $3,500 |

Any genuine 1796 Draped Bust Small Eagle Dime has collector value at any grade. Even an About Good example with just the date and basic design visible is a historically significant American coin.

The Challenge of Counterfeits

The 1796 dime's value makes it a target for counterfeits. Authentication concerns:

Cast fakes: The earliest counterfeit techniques used casting from genuine examples. Cast coins have a different surface texture than struck originals, visible under magnification.

Electrotype copies: More sophisticated copies involve electrotype processes. These can be very convincing to the eye but show different weight and ring characteristics.

Altered dates: Taking a common early dime and altering the date to 1796. Check that the date style and positioning match authentic 1796 examples.

PCGS/NGC certification: For any 1796 dime purchase at any significant price level, certified grading is essential. Both services authenticate and encapsulate coins, providing reasonable protection against counterfeits.

Context: The Early American Mint

The Philadelphia Mint in 1796 was five years old, operating in converted buildings, dealing with constant metal supply issues, employee health problems (yellow fever epidemics), and the technical challenges of early industrial coinage.

Owning an 1796 dime means owning something made in those first years of American institutional coinage, when the mechanisms of the new republic were being invented and tested simultaneously. The coin embodies not just monetary history but the physical history of American democratic institutions.

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